The rates for renting of offices in Sofia are the lowest in Europe

The rent rates of first – class offices in Sofia are the lowest in Europe and the trend for discount continues in the first three months of 2011, shows a market research of Forton International. For the central part of Sofia the average rates for renting of office spaces are 12 EUR for square meter, and in the periphery they are 8 EUR for square meter of office space. The rates are back on the levels of the year of 2004. The main reason for the continuing discount is the constant releasing of new office spaces in time of absence of new renters.

For example, the office rent rates in Riga, Tallinn, Belgrade, Zagreb and Ljubljana are bigger with up to 5 EUR for square meter accordingly to these in Sofia. Even the rates in Skopje are a little bit higher than these in Sofia, but there is not much offering of office spaces in Macedonia.

In Sofia the situation is opposite: in the first three months of 2011 there are new 40 000 square meters of offices on the market, and until the end of the year there will be 135 000 square meters more. Because of the growing offering that pressures the rates there is expectation some investors to slower the opening of their objects until they find renters.

For the first three months of the year are rented only 10 000 square meters of office spaces, which is the lowest level for this period for the last three years. The most of the deals are made because of the re base of some companies and this leads to growth of the not rented office spaces which now are 30 % of the available office spaces in Sofia.